Dogecoin, the meme digital asset created as a joke but now considered by many as a dependable asset is suffering a significant number of losses with the sixth most valuable’s crypto by market value losing as much as 16% in a week despite its debut on Coinbase last Thursday.
Elon Musk, Tesla helmsman and one of the world’s richest men who years ago called the dog meme coin his “favourite” digital asset, has been quiet about dogecoin in the past few days triggering a lacklustre movement in its price amid its inflationary fundamentals.
This is partly due to the fact that Dogecoin token economics reveals 10,000 dogecoins are normally added to the network each minute and because of the growing amount of these coins’ hours, the crypto asset depends on being bought up very often as prices often suffer when demand is not consistently increasing.
Investors have also increased their selling pressures on the fast-rising crypto asset on reports revealing Thailand’s financial regulators prohibited Crypto exchanges from listing meme coins like Dogecoin and fan tokens.
A press release issued by Thailand’s Securities and Exchange Commission (SEC) gave the rationality behind the move as the regulator provides a framework for crypto assets in the Asian economy.
News continues after this ad
(1) There is no clear objective or substance or no support with the price depending on the trend in the social world (Meme Token).
(2) Caused by personal preference (Fan Token)
(3) Digital tokens arising from the use of technology to express ownership or grant rights to a particular or specific thing. The same type of digital tokens cannot be used and the same number are interchangeable. (Non-Fungible Token: NFT)
(4) Digital tokens issued by the trading centre itself or any person related to the trading centre for the purpose. To take advantage of transactions that take place on the blockchain (blockchain).